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, senior economics writer, "wall street journal." matt mccall, president of penn financial group. gentlemen, good morning to you. steve, what does it mean for michigan? by the way it is not signed into law yet. they have a five-day grace period. what does it mean. >> this story is shocker, bill. we heard about it tuesday. they caught the unions napping. it is huge for michigan. it is old industrial state. epicenter of the old rust belt. my studies and a lot of others show, states of right to work where the jobs are going. we covered that story last year when boeing wanted to move its facility out of washington to south carolina one of the reasons they wanted to do that, bill, because south carolina is a right-to-work state. it is huge for the economic future of michigan. the other point i would like to make, bill, unions say this is anti-worker, when in fact it is exactly opposite. all right to work laws do, people get confused about this, all these laws do say the union has the right to establish itself but every individual worker has the right to decide whether they want to join that unio
. matt mccall is president of penn financial group llc. the irs is today notifying employers on how much they will have to withhold from their employees' checks. let's go through each and every one of these tax increases if there is no deal, and we dive off the cliff. let's begin with the first one. marginal income tax rates ric rice for nearly everybody in america. >> over 90% of americans will be hit with higher taxes, and everybody talks about the wealthy getting hit the hardest. what i find fascinating is two-thirds of americans that make less than $20,000 a year will get hit with higher tax rates which will equal a gain of close to $600 more per year in taxes. if you're making let's say $18,000 you could get hit with $600 more in taxes. it doesn't sound like a lot to a lot of people but that takes a huge chunk out of putting food on the table and getting clothes for your children. it's a big deal. gregg: estate taxes will rice from 35% on 5 million or more to 55% on 1 million or more. >> you know this really affects a lot of people in the middle of america who have farms. if you hav
mccall joins me, president of the penn financial group. 63 bucks a head. that is not pocket change. >> no it's not. a lot of people say, what is $63. i spend that on dinner or a christmas present. what they don't realize multiply that by everybody out there that becomes a very, very large number. martha: right. >> as you mentioned a moment ago everybody has to pay for something. this will get passed down to employers which then will most likely pass it down to employees. most employers are trying to cut margins as much as possible to try to make them. when it comes to end of the day, you know what, this is part of obamacare. nothing i can do about it. it will be passed on to you. that will probably hurt wages of you and i. $63 will probably not change anybody's life. but when that is multiplied in economic environment where consumers are struggling, consumers make up 75% of the growth that means a lot. martha: a lot of taxes are kicking in automatically. there is so much focus on fiscal cliff and bush tax cuts that would expire. you have investment tax. this tax. three different on
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